tag:blogger.com,1999:blog-7712270306362674031.post2186209879793598655..comments2023-12-14T05:29:55.758+02:00Comments on Economist's Journey to Life: Day 250: Economics Nobel Prize reduced to Laughingstock Leila Zamora Morenohttp://www.blogger.com/profile/00428852564054221982noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7712270306362674031.post-65605715186472811522013-10-16T00:26:08.773+02:002013-10-16T00:26:08.773+02:00Economics is about, or should be about, how to emp...Economics is about, or should be about, how to employ the available means in such a way that no want more urgently felt should remain satisfied because the means suitable for its attainment were employed - wasted - for the attainment of a want less urgently felt. This is what it means to economize: to allocate scarce resources to their most productive/urgent use. "Most urgent use" is determined by supply and demand as established on the free market. I agree with the criticism that empirical economics seem frivolous and misplaced. But I disagree with the conclusion of this article; the only way to make the world more wealthy is by increasing the ratio of capital to people through investment and savings. Wealth redistribution will only succeed in making us all equally poor. Well written piece, though, thank you for a thoughtful opinion.Anonymoushttps://www.blogger.com/profile/16571405561052256053noreply@blogger.comtag:blogger.com,1999:blog-7712270306362674031.post-69345187187830639402013-10-16T00:03:58.047+02:002013-10-16T00:03:58.047+02:00Economics is about, or should be about, how to emp...Economics is about, or should be about, how to employ the available means in such a way that no want more urgently felt should remain unsatisfied because the means suitable for its attainment were employed - wasted - for the attainment of a want more urgently felt. That's what it means to economize: to allocate a finite quantity of resources in their most productive/urgent use. "Most urgent use" is determined by supply and demand on the free market. I agree with the criticism of modern empirical economics, they seems frivolous and misplaced. But I disagree with the conclusion; there is only one way to make the world more wealthy - increase the ratio of capital to people through saving and investment. This is only accomplished through market processes. Wealth redistribution will only succeed in making us equally poor. Well written piece, though, thank you for a thoughtful opinion. Anonymoushttps://www.blogger.com/profile/16571405561052256053noreply@blogger.com